Geosynthetics Market: Introduction
Geosynthetics is made of polymer plastic material that are used with sand, rock, soil, or other building materials. Geosynthetics have changed the way civil engineering, especially geotechnical engineering, is practiced. Geosynthetics offers innovative solutions to solve severe issues such as soil erosion and soil stability.
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Geosynthetics are utilized for all construction stages to strengthen infrastructure by improving road design, limiting erosion, preserving water, and enhancing the longevity, reliability, and safety of structures. They also protect the environment and promote the conservation of energy and the Earth’s resources through the production of durable and sustainable systems.
Statistically speaking, this market is expected to expand at a notable CAGR of 8.8% during the forecast period from 2021 to 2031. In this context, the geosynthetics market was valued at US$ 16.1 Bn in 2020 and is further expected rise to US$ 40.7 Bn by 2031.
Rising Demand for Geosynthetics from Construction Industry to Boost Market
The geosynthetics market is expected to expand at a significant pace during the forecast period. This is primarily due to a rise in the demand for cost-effective solutions and technologies in civil engineering. Increase in application of geosynthetics in the construction industry, owing to several favorable properties is propelling the geosynthetics market. Additionally, growing innovations in the manufacture of geosynthetics coupled with growing infrastructural reforms especially in emerging countries is another factor that is expected to drive the geosynthetics market.
The term geosynthetics refers to synthetic products that are used to stabilize terrain-related issues in civil engineering related projects.
Rising application of geosynthetics in coastal engineering, construction, civil, and environmental applications is another factor that is projected to boost the geosynthetics market over the next few years. Geosynthetics are also expected to be used for separation, filtration, soil reinforcement, and erosion control. The demand for geosynthetics is expected to rise in wastewater treatment and landfills, owing to growing awareness about environment conservation.
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Stringent Government Laws to Hamper Geosynthetics Market
Stringent governmental laws on the use of vulcanize carbon is a prominent factor that is expected to hamper the geosynthetics market over the next few years. Furthermore, volatility in prices of raw material due to fluctuation in prices of crude oil and oil & gas is another factor hindering the geosynthetics market.
Nevertheless, rise in new construction activities across developing economies is a strong factor that is expected to catalyze the demand for geocomposites, geogrids, and geotextiles over the next few years, and consequently, significantly boosting to the geosynthetics market. Furthermore, the demand for geosynthetics is projected to rise, owing to an increase in application of geosynthetics in several area such as reinforcement, separation, drainage, containment and protection, barriers, and erosion control.
The nature of the global geosynthetics market seems to be fairly fragmented due to the presence of several well-entrenched enterprises. This also highlights that the competition landscape is highly intense. Low & Bonar PLC, Berry Global., Officine Maccaferri S.p.A., NAUE GmbH & Co. KG, Agru America Inc., Propex Operating Company LLC, TenCate Geosynthetics, GSE Environmental, Inc., Tenax Corporation, Tensar International Corporation, Suntech Geotextile Pvt. Ltd are some of the key participants of the global geosynthetics market.
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Global Geosynthetics Market: Segmentation
Geosynthetics Market, by Product Type
- Geotextiles
- Geomembranes
- Geogrids
- Drainage Composites
- Others
Geosynthetics Market, by Application
- Containment
- Reinforcement
- Filtration and Drainage
- Others
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